American Bankruptcy Institute Southeast Bankruptcy Worskhop – “Asset Sales: Is Philadelphia Newspapers Old News?”; Panelist: David Bowsher; July 28, 2011, 9:15 a.m. to 10:45 a.m.; Friday, July 29, 2011, 11 a.m. to 12:30 p.m., Kiawah Island, South Carolina
Chapter 11 cases are predominantly utilized as a ‘vehicle’ to conduct asset sales, now more than ever. This panel will explore the recent trends and current state of the law and markets for sales of distressed companies and distressed assets. The panel will discuss various methods for asset sales in Chapter 11, including advantages and disadvantages of sales under a 363 motion as opposed to sales under a plan, with particular emphasis on recent developments in this area in light of the Philadelphia Newspapers decision, which opened the door to debtors trying to prevent secured creditors from credit bidding, and the River Road Hotel Partners case in Illinois rejecting that view. In addition, we will discuss general state of the market for going concern sales (including analysis of trends in different industries), piecemeal asset sales, and other market conditions, as well as updates on Clear Channel mootness issue -- are courts agreeing or disagreeing with "bifurcation" on the issue of equitable mootness?